Trading at cash and receivables and PE of 4, page-11

Yes I agree but they aren’t the only ones in the IO space that have been looking at investing cash funds without much success . MGX has 470m odd in cash of which it only needs about 70-80m over the next year and it’s been looking for 3-4 years without success so I would much prefer the cash on the balance shet than an expensive purchase. I think based on the conversation yesterday , a farm down of Southdown to a biggger partner would still require some funding from GRR and I woukd hazard a guess this is where the cash will be allocated to . It seems as though there is significant interest at present.
Southdown has been dormant for so long nobody is placing any value on it , but in reality it is worth a lot of comercialised and I imagine any news of a farm in would result in at least a 5-7c rerating of GRR